MoneyTap is an Indian company that offers instant loans. The company is well-known for providing its customers a personal line of credit that can be used for emergencies. One of MoneyTap's standout features is that it saves customers from the time-consuming documentation required for personal loans. Furthermore, borrowers are not required to provide any collateral when applying for a loan. You can keep track of all your borrowings by downloading the mobile application.
.png)
|
MoneyTap
Personal Loan Highlights |
|
|
Interest rate |
Starting from 1.08% p.m. or 36% p.a. |
|
Loan Amount |
From Rs. 3000 to Rs. 5 lakh |
|
Loan Tenure |
Minimum 2 months and up to 36 months |
|
Eligible Applicant Age |
23 years to 55 years |
|
Minimum Monthly Income |
Rs. 30,000 p.m. for salaried and
self-employed, both |
|
Processing Fees |
Rs. 3,000 – Rs. 199 + GST |
Types of MoneyTap Personal Loan
- Wedding loan: MoneyTap wedding loan can fund major wedding expenses including jewelry, venue, accommodation for guests, wedding invitations, etc. To enable you to cope with any financial constraints that could arise.
- Medical loan: In case of a medical emergency, you need money to pay for various medical procedures, medicines, hospitalization, etc. and with a reduced MoneyTap Medical Loan you pay medical bills with reduced stress.
- Travel loan: If you are planning a grand vacation, a MoneyTap travel loan can offer you instant financial help to book tickets, hotels, etc.
- Household renovation loan: MoneyTap Home Renovation Loan enables you to task furniture, lights, etc. to your house. Give your home a new look
- Mobile loan: If there is a new mobile phone on the market that you really want to buy, you can get it right away with a MoneyTap mobile loan instead of having to wait for days to save money.
- Loan of a laptop: With a MoneyTap laptop loan, you can instantly get financing for the latest laptop model you want to buy from the comfort of your own home or office.
- Loan for consumer durables: Do you want to buy a television? Or how about a home theatre? Or perhaps a speaker? You can buy the appliance of your choice quickly with a MoneyTap consumer durable loan.
- Debt consolidation loan: With this loan from MoneyTap, you can combine multiple loans and debts with different payment dates into a single EMI, easing the burden of repayment.
Money Tap Personal Loan Interest Rate
A MoneyTap personal loan typically has an interest rate of 1.08% per month. However, the actual interest rate offered by MoneyTap may differ depending on your credit score, repayment history, income, current debt, and other factors.
.png)
You can also compare the personal loan interest rates offered by top banks and non-banking finance companies.
|
Banks/NBFCs |
Interest Rates(p.a.) |
|
11.00% onwards |
|
|
10.30%-15.10% |
|
|
10.75% onwards |
|
|
10.25% onwards |
|
|
10.99% onwards |
|
|
10.49% onwards |
|
|
10.75% onwards |
|
|
13.00% onwards |
|
|
10.99% onwards |
MoneyTap Features
- The loan's purpose: MoneyTap Unsecured loans can supply anything. It can be used to plan a vacation, a wedding, debt consolidation, education expenses for yourself or your children, medical expenses, and so on. There are no end-use restrictions.
- Quantum: The minimum quantum for a Money Tap loan is Rs. 3,000, and it can go up to a maximum of Rs. 5 lakhs Personal Loan depending on the borrower's income and repayment capacity.
- Interests: MoneyTap loan interest rates start at 1.08% per month or 13% per year. The interest is only to be paid on the amount used.
- Repayment: The repayment period can range from 2 to 36 months, with the EMI fixed according to the loan term.
Currently, the service is available in Mumbai, Bangalore, Delhi, NCR, Anand, Ahmedabad, Chennai, Chandigarh, Coimbatore, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mohali, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vizag, Vadodara, and Vijayawada.
Credit score: The applicant's CIBIL score should be at least 700. Credit reports should not include words like "settled" or "written off." The total number of loans, including credit card debt, should be between 2 and 6. Credit history should be available for at least 12 months. Previously, loan repayment should not have been more than 60 days late in the last two years and 30 days late in the last year.
How Do I Apply for a Loan Using the MoneyTap App?
MoneyTap makes it simple and quick to apply for a loan. The following are the steps to apply for a loan using the MoneyTap app:
Step 1 - Download the app: The first step is to go to the Google PlayStore and download the MoneyTap app for free. After you install the app, you will be asked to provide some information about yourself. Using these details, the app will determine your eligibility and notify you whether or not you qualify for a MoneyTap loan. If you are eligible, the app will also tell you how much credit you can get.
Step 2 - Complete your KYC: If you have been approved for a loan, the next step is to complete the loan-related KYC formalities. To accomplish this, a MoneyTap agent will come to your home on behalf of the partner bank and collect the necessary documents for processing.
Step 3 - Receive the funds: Once your KYC formalities are completed and your loan is approved, you will receive your MoneyTap Card with the sanctioned amount of funds. This card not only functions as a credit card but it can also be used to withdraw funds from your MoneyTap account. There isn't any limit to how you need to use your hard-earned money. Interest will be charged only on the funds that you use, not on the entire loan amount. Repayment can be done in flexible EMIs.
MoneyTap Personal Loan Eligibility Criteria
If you choose a MoneyTap credit line personal loan, you must meet the following criteria:
- You should be either a salaried or self-employed professional (lawyer, doctor, or businessman)
- The monthly salary must be Rs. 30000.
- You must be at least 23 years old, and you cannot be older than 55 years old.
- Salaried individuals should have been in their current job for at least 6 months (at the time of application submission) and have at least 2 years of overall work experience. Self-employed individuals should have been in business for at least three years and have at least three years of general work experience.
Documents Needed for a Loan Application
When applying for a personal loan, you will need to provide the following documents:
- Aadhaar Card
- Pan Card
- Professional Selfie (taken on the MoneyTap App).
- Identity proof (for anyone): driver's license/passport/voter ID/Aadhaar/PAN.
- Driving license/passport/voter ID/Aadhaar/utility bills/scheduled bank statements (anyone)
Features and Advantages
The following are some of the key features and benefits of MoneyTap Loans:
Quick approvals - The MoneyTap Loan approval process is lightning fast. The approval process is also one-time, so the next time you apply for a MoneyTap loan, the process will be even faster than the first.
Interest is only charged on funds withdrawn - With MoneyTap, interest is charged only on funds withdrawn, not on the total amount of funds sanctioned for you. The applicable interest rate will be determined by several factors, including the bank with which the company has partnered.
Flexible loan Repayment- MoneyTap provides borrowers with a flexible loan repayment term to facilitate stress-free repayment. Depending on the amount of the loan, the repayment period can range from 2 months to 3 years. The loan EMIs will be determined by the loan term you select.
Loan amounts are large - You can apply for a loan for as little as Rs.3000 and as much as Rs.5 lakh. These loans can be used for a variety of purposes, depending on your needs, and the lender places no restrictions on how the loan amount is used.
Customer Service
Send an email to MoneyTap at hello@moneytap.com with any questions or concerns. Currently, this online lender does not communicate with borrowers over the phone or in person through a representative.
Click Here for more Blogs
.png&description=The Ultimate Glossary of Terms About Moneytap){kind=link}
0 Comments